Three-Unit Property with Two-Car
For Sale
$674,900
Pending
198 W Main Street, Millbury, MA 01527
Residential Income, Millbury, MA
Property Size3,232 SF
Lot Size0.54 Acres
Days on Market93
Property Features for 198 W Main Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
-
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bathroom 3, Bathroom 1, Bedroom 4, Bedroom 1, Bathroom 2, Bedroom 2, Bedroom 3
Parking
8
Directions
Elm to West Main
Standard status
Pending
APN
3582605
Size
3,232 SF
Lot size
0.54 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
7828
Amenities
composite deck
enclosed front porch
Building Details
Year built
1850
Floors in Building
4
Number of units
3
Listing Agency:
REMAX Executive Realty · RE/MAX International
(508) 839-9219
Listed By:
Bill Wright · License #5503
(508) 223-7200
Added: Jun 3
Changed: Sep 1
Last Checked: Sep 3 at 3:06PM
MLS# 73529191
Copyright © 2026 MLS Property Information Network Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This triplex contains 3,232 square feet on a 0.54-acre parcel at 198 W Main Street in Millbury. The upper-level residence includes two bedrooms, a kitchen, dining room, living room, two additional rooms, a walk-in closet, and access to a composite deck. Tray ceiling detail, off-white cabinetry, under-cabinet lighting, and hardwood flooring are featured in the kitchen. Two additional apartments each provide one bedroom, a living room, kitchen, and full bathroom.
The property includes a two-car garage and an enclosed front porch. Electric panels have been updated, and the units have separate utilities except for water and sewer. Built in 1850, the property also offers a private backyard.
The property includes a two-car garage and an enclosed front porch. Electric panels have been updated, and the units have separate utilities except for water and sewer. Built in 1850, the property also offers a private backyard.
Key Highlights
- Three‑unit configuration with one two‑bedroom residence and two one‑bedroom apartments
- 3,232 square feet on a 0.54‑acre parcel
- Two‑car garage and enclosed front porch
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$43,689
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.47%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$873,780
$873.8K
Cap Rate 7%
$624,129
$624.1K
Cap Rate 9%
$485,433
$485.4K
Market Conditions
NOI Build-Up for 3,232 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$64.0K $19.80/SF
− Vacancy
−$1.6K −$0.49/SF
EGI
$62.4K $19.31/SF
− OpEx
−$18.7K −$5.79/SF
NOI
$43.7K $13.52/SF
Area
Worcester County, MA
Vacancy
2.47%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$873,780
Cap Rate 7%
$624,129
Cap Rate 9%
$485,433
Alternative Uses
Best Use
Multifamily LT 5
$624.1K
$546.1K – $728.2K
NOI $43,689 @ 7.0% cap · market cap 6.47%
Second Best
Apartment 5plus
$543.2K
$475.3K – $633.7K
NOI $38,021 @ 7.0% cap · market cap 5.63%
Theoretical Best
Office A
$1.10M
$965.7K – $1.29M
NOI $77,258 @ 7.0% cap · market cap 11.45%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Location Intelligence
Trade Area within ½ mile
68
Businesses Nearby
Explore this area
Business Placement
Demographics for 01527, MA
13,799
Population
5,603
Households
2.5
Avg Household Size
44
Median Age
33%
College-Educated
94%
High-School Grad
15.6 sq mi
ZIP Area
885
Density / Sq Mi
$116,000
Median Household Income
$62,911
Median Earnings
$1,507
Median Rent
$415,600
Median Home Value
Market
Vacancy Rate% for Multifamily in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Triplex - Two one-bedroom apartments accompany a larger upper-level residence with a deck and private backyard.
Where is this triplex located?
The property is located at 198 W Main Street Millbury, MA.
What is the asking price?
The asking price for this property is $674,900.
What are key features of this property?
This property features: Three‑unit configuration with one two‑bedroom residence and two one‑bedroom apartments; 3,232 square feet on a 0.54‑acre parcel; Two‑car garage and enclosed front porch
